Indiana’s Ag Bioscience Economy Now Tops $58 Billion, Says AgriNovus Indiana
Indiana’s ag bioscience sector directly contributes more than $58 billion to Indiana’s economy – an increase of more than $6 billion since 2018, according to the latest research from AgriNovus Indiana.
Conducted by TEConomy Partners, the study entitled Innovative Agbioscience in Indiana: 2021 Economic Impacts Revisited, identified that the growth across Indiana’s ag bioscience economy since 2018 marked the fastest-growing time for the industry since measurements to quantify it began in 2012.
“The ag bioscience economy is the only economy in the world that touches every person on the planet given it centers on food,” said Mitch Frazier, president and CEO of AgriNovus Indiana. “The growth this research identifies represents the tremendous gains Indiana’s ag bioscience innovators are advancing to meet global demand across food, animal health, plant science and ag tech.”
According to the study, Indiana’s ag bioscience economy posted growth during the period from 2018 to 2021, including:
VALUE-ADDED FOOD AND NUTRITION – increased two percent during the period and remains the largest component of the state’s ag bioscience economy with $29.9 billion in output.
ANIMAL HEALTH AND NUTRITION – increased 27.3 percent to $5.5 billion, making it the fastest-growing innovation-based platform of Indiana’s ag bioscience economy over the last decade.
AGRICULTURAL EQUIPMENT, TECHNOLOGIES AND SYSTEMS – increased 16.8 percent to $2.2 billion, maintaining upward momentum as the second-fastest growing platform since 2012.
PLANT SCIENCE AND CROP PROTECTION – increased 7.2 percent to $3.3 billion and posted positive growth for the first time since 2012.
“From a global pandemic to broken supply chains to rising inflation, Indiana’s ag bioscience sector has faced many headwinds since economic progress was last measured,” said Deborah Cummings, principal and managing director for TEConomy Partners, LLC. “This update identifies sound growth across the four innovation-based platforms as well as production agriculture and should come as encouraging news as the sector continues on its upward growth trajectory.”
The study shows the total economic impact of ag bioscience in Indiana, including its direct output and its indirect and induced impact on other industries, grew from $76 billion in 2018 to $91 billion in 2021. Ag bioscience employment in Indiana grew 7.5 percent from 2018 to 2021 and average wages of ag bioscience jobs (excluding farm proprietors) topped $69,000 – a total that is more than three percent higher than the average 2021 private-sector wage in the state.
Click HERE to read he full study, Innovative Agbioscience in Indiana: 2021 Economic Impacts Revisited.